Microeconomic Foundations for Macroeconomic Phenomena. A Problem of Ontological (In)Dependence [Fundaţii microeconomice ale fenomenelor macroeconomice. O problemă de (in)dependenţă ontologică]

Sandu Andrei
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Sandu Andrei: Durham University

Revista OEconomica, 2016, issue 03-4

Abstract: This essay will outline the case for microfoundations, before presenting the limitations which undermine both the representative-agent model as a means of reduction and the individualist claim that microfoundations are necessary for explanation of economic aggregates. If microfoundations are justifiable in certain contexts, demanding them as a validator of macroeconomics is hardly defendable.

Keywords: microfoundations; macroeconomics; representative-agent model; individualism (search for similar items in EconPapers)
JEL-codes: B41 D00 E00 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:oen:econom:y:2016:i:03-4:id:469

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